The Republic of Malta covers 316 square kilometers area, and its population is less than half million people.
In 1869, due to a huge increase in the shipping industry, Malta had a strong economy. At the end of 19th century, however, the economy was drastically declining because newer ships required fewer refueling stops.
Currently, Malta has no domestic energy sources. Its economy depends on foreign trade, manufacturing and tourism. However, film production has been growing in recent years, as well as exports of banking, finance and other services.
The Maltese currency was lira, and in 2008, the euro replaced it. Malta joined the European Union on May 1, 2004.
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